Canada’s housing market begins to apply the brakes

October 26, 2013

The housing market is already decelerating, making a discussion about overheated home prices premature at this point, says the association which represents realtors.

“While the momentum for sales activity began improving a few months ago, it may be losing steam after having just climbed back in line with an average of the past 10 years, said Gregory Klump, chief economist with the Ottawa-based Canadian Real Estate Association, which represents about 100 boards across the country.

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RBC – Housing Affordability Declines, But Canadians Keep Buying Nonetheless

October 26, 2013

The quarterly increase was not spectacular — 0.3 points to 42.7 per cent on a detached bungalow and 0.4 points to 48.4 per cent on a standard two-storey home. The index on a condo was unchanged at 27.9 per cent.

As with past samplings, Vancouver and Toronto continue to stand out as the least affordable cities. During the second quarter, Vancouver’s affordability reading rose 2.2 points to 82.1 on a detached bungalow, while Toronto’s edged up half a point to 54.5.

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Canadian real estate to slip as supply grows, demand wanes

October 26, 2013

TORONTO – Rising interest rates and slowing job growth will temper Canadian home sales this year and into 2014, while a new supply of condos coming onto the market over the next two years will depress prices in that segment, Scotiabank says.

“Canadian housing activity remains buoyant, though the underlying fundamentals for continued gains are becoming less favourable,” according to the bank’s Global Real Estate Trends report, published Wednesday.

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CREA-Vancouver Real Estate Boosts National Housing Number

October 26, 2013

OTTAWA – Homes were selling at a brisk pace in Vancouver and Toronto last month, while the national average price continued to rise, suggesting Canada’s real estate industry has returned to “average levels” after a decline that began last summer.

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2013 September Great Vancouver Stats

October 25, 2013

Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.

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Canadian housing sector faces downside risk: Scotiabank real-estate report

June 27, 2013

Housing prices in Canada have been relatively flat so far this year but there’s a “downside risk” going forward, particularly in the country’s largest city, according to a Scotiabank report issued Friday.  Toronto’s housing market is correcting in the wake of affordability pressures, inventory build, changes to mortgage insurance rules and more cautious lending policies,” writes Scotiabank economist Adrienne Warren.

“Sales and construction have already shifted notably lower, and prices are beginning to level out. We expect this adjustment process to continue into mid-decade, with downside risk to prices, particularly in the condominium market where supply additions are expected to outpace underlying demand.”

It said a tight supply of single-family homes in the area has supported overall home price averages. It also notes that, while there’s a lag, prices tend to fall after sales drop off and the supply of unsold properties rises.

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2013 Feb – Greater Vancouver Real Estate Market

April 15, 2013

REW.ca chart of Real Estate Board of Greater Vancouver sales data 2011-Feb2013

MLS® home sales in the region were the second-lowest total for February in 12 years, and 30.9 per cent below the 10-year average. Compared to last February, home sales were down 29.4 per cent.

Detached houses were the least favoured. House sales were down 36.1 per cent from February 2012, while apartments declined 25.5 per cent and townhouses, 21.5 per cent. All housing types saw higher sales in February than January, with townhouse sales increasing the most, but sales always increase as we head into spring.